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Buying FHA after a Short Sale
This just came in my email from Darel Ansley at Peoples Bank in Wenatchee:
Maybe everyone else already knows this, but I just learned this week, that a person can actually sell their home through a short-sale and immediately buy a new home with FHA financing !! I was shocked.
Here are the general limitations:
1) The client must stay current on their payments through the short sale
2) Client must have been current on all their payments for the 12 months leading up to the short sale
3) They can’t be using the process to just take advantage of low home prices in their market – in our scenario, the buyer was taking a new job and relocating.
So this could work for someone who is transferring into our area but thinks they are stuck upside down in their current home.
I have attached the FHA letter.
If someone was delinquent going into a short sale, they would have to wait 3 years to be eligible for a new mortgage.
Call or email with any scenarios.
that is awesome! i hope to see more
Hi my name is Roberto Hernandez, I am currently have my house in the short sale process. I’ve been working with my lender and just signed up for the HAFA program. The reason I’m in a short sale is because I bought the home with 3 other people my twin brother and my parents. I was able to pay my share but due to hospital visits for my parents and emergeny surgeries my parents we unable to help out. I also lost a tenant which put us in a deeper whole and made us fall abck on out payments. Is there anything I can do to buy a new home once the house is sold?
Roberto- I would meet with a mortgage originator where you live and ask them about your options. It probabably depends a lot on your income, credit score and the amount of money you can put down. I’m sorry I can’t be more specific, but it’s really hard to say. Best of luck.